Circle Expands Services in the United Arab Emirates with In-Principle Approval from FSRA
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2 min read
Circle has recently received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market, allowing them to expand their services in the United Arab Emirates. This development marks a significant milestone for the company behind the USDC stablecoin, as they seek to modernize cross-border transactions and reduce dependency on traditional systems.
As part of this effort, Circle is set to launch a real-time payment network that aims to streamline global transactions and promote financial inclusion. The approval from the FSRA brings them one step closer to obtaining a full license to offer digital financial services in the UAE.
The company has been quietly working towards expanding its presence in the Middle East, having recently partnered with Hub71 in Abu Dhabi, a tech ecosystem home to over 500 startups. This partnership grants Circle access to the region’s digital regulatory sandbox and places them within the heart of the Middle East’s Web3 growth center.
Circle has made significant strides in the global payments space through its Circle Payments Network (CPN), which enables fast and secure transactions between financial institutions and service providers. With this expansion, it is likely that we will see more innovative services and solutions emerge from the company.
The In-Principle Approval further solidifies Circle’s position as a leader in the digital asset sector, allowing them to tap into a vast market with immense growth potential.
Source: https://www.crypto-news-flash.com/circle-gets-green-light-to-expand-services-in-abu-dhabi/?utm_source=rss&utm_medium=rss&utm_campaign=circle-gets-green-light-to-expand-services-in-abu-dhabi
